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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 47,697 $ 41,614
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,100 2,848
Deferred income taxes (3,621) 2,252
Stock-based compensation expense 3,199 2,701
Provision for excess and obsolete inventory 1,069 1,027
Accretion of discounts and premiums on marketable securities (2,840)  
Currency loss on foreign denominated transactions 1,343  
Changes in operating assets and liabilities:    
Accounts receivable (20,762) (15,199)
Inventories (21,105) (11,490)
Prepaid expenses and other current assets (4,794) (1,852)
Accounts payable and other current liabilities (22,976) (3,582)
Deferred revenue 47,160 6,418
Income taxes 8,891 858
Other assets and liabilities (1,802) 175
Net cash provided by operating activities 34,559 25,770
Cash flows from investing activities    
Expenditures for property, plant and equipment and capitalized software (2,240) (1,503)
Purchase of short-term investments (61,809)  
Maturities of short-term investments 31,000  
Net cash used in investing activities (33,049) (1,503)
Cash flows from financing activities    
Net settlement on restricted stock grants (3,907) (3,315)
Repurchase of common stock (12,499) (20,000)
Principal payments on finance lease obligation (289) (229)
Proceeds from exercise of stock options 25 491
Net cash used in financing activities (16,670) (23,053)
Effect of exchange rate changes on cash and cash equivalents (55) 1,002
Net increase in cash, cash equivalents and restricted cash (15,215) 2,216
Cash, cash equivalents and restricted cash at beginning of period 186,347 295,680
Cash, cash equivalents and restricted cash at end of period $ 171,132 $ 297,896